Crude Oil Futures Lose Ground On Stock Buildup

Crude oil futures extended their losses for a third day today after industry data indicated that distillate stocks, including heating oil, increased unexpectedly, despite cold weather conditions. Worries that tighter credit in China might curb the commodity appetite of the world’s second largest global oil consumer also exerted downward pressure on the oil price.

On the New York Mercantile Exchange (NYMEX), February crude CLG0 fell $2.53, or 3.07%, to $79.99 a barrel, after extending the day's low to $79.91. In London, February Brent crude LCOG0 slipped $2.42, or 3.0%, to $78.55 a barrel, after hitting a session low of $78.49.

NYMEX February RBOB RBG0 went down $0.0752, or 3.51%, to $2.0675 a gallon, after touching a session low of $2.0661.